TransNetwork lifts loan to $320 million, firms at SOFR plus 550 bps

By Sara Rosenberg

New York, Nov. 16 – TransNetwork LLC upsized its term loan B to $320 million from $300 million and set pricing at SOFR plus 550 basis points, the low end of the SOFR plus 550 bps to 575 bps talk, according to a market source.

Furthermore, the original issue discount on the term loan was tightened to 98 from talk in the range of 97 to 97.5, the source said.

The term loan still has a 0.5% floor, 101 soft call protection for six months and a maximum first-lien net leverage ratio covenant of 5x.

Truist Securities is the lead on the deal.

Recommitments were scheduled to be due on Thursday, the source added.

Proceeds will be used to fund the acquisition of PNC Payment Holdings Inc. and to refinance existing debt.

TransNetwork, owned by Flexpoint Ford, GCP Capital Partners and Investar Financial, is a Houston-based payment processor serving the U.S. to Latin America cross-border payment corridor.

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